Alibaba Group Holding Limited [NYSE: BABA] co-founder Jack Ma has reduced the shares in the e-commerce giant. Over the past year, Jack Ma has cut its investment to 4.8% from 6.4% and the company’s annual filing disclosed that he has dumped $9.6 billion worth of shares in the firm.

The divesture comes after he left his position as the executive of a Chinese e-commerce company in September. He left his role to focus on philanthropy. Alibaba’s executive VC Joseph Tsai has also dumped its stakes in the firm to 1.6% from 2.3%. His shares were worth $4.1 billion.

Shares of Alibaba Inc. had tumbled down 0.22% at $261.01 during the trading of Friday. It had a trading volume of 20.34 million as compared to the average volume of 19.77 million.

In the past 52-weeks of trading, this company shares had fluctuated from a low of $151.85 and a high of $268.00. Continuing to look at its profitability, it had Gross Margin of 44.60%, Profit Margin of 29.30% and an Operating Margin of 17.90%.

Its return on assets (ROA) is 12.40%, return on investment (ROI) is 8.00% and return on equity (ROE) is 22.80%. BABA has total market capitalization of 701.75 billion. BABA has moved up 71.89% from its 52-weeks high and moved down 2.61%.

When Jack Ma and Joseph Tsai has left their role after the appointment of Daniel Zhang as company’s chairman they both less involved in the daily operations of Alibaba. Jack Ma and Jospeh Tsai both participated in the donation of PPE to hospitals during the COVID-19 pandemic.

Earlier the filing in US Securities and Exchange Commission has disclosed that Ma is planning to sell his 21 million shares to support his philanthropic efforts.